WATCH LIVE: PM Imran Khan Addresses Nation Saudi package

SLAMABAD: Prime Minister Imran Khan is addressing the nation to take them in confidence over the $6billion bailout package obtained from Saudi Arabia, ARY News reported.

Saudi Arabia on Tuesday agreed to provide Pakistan $3billion for a period of one year as balance of payment support.

According to a statement released from foreign office, a Memorandum of Understanding was signed between Finance Minister Asad Umar and the Saudi Finance Minister Muhammad Abdullah Al-Jadaan stating Saudi Arabia will place a deposit of$3billion for a period of one year as balance of payment support.

It was also agreed that a one year deferred payment facility for import of oil, up to $3billion, will be provided by Saudi Arabia. This arrangement will be in place for three years, which will be reviewed thereafter.

Saudi Arabia also confirmed that it is interested in investing in a petroleum refinery in Pakistan. The MoU in this regard will be signed after obtaining cabinet approval.

The Kingdom expressed interest in development of mineral resources in Pakistan. For the purpose, the federal government and the government of Balochistan will consult, following which a delegation of the kingdom will be invited to visit Pakistan.